Legislator Xu Qiaoxin's relatives implicated in virtual currency money laundering scam; police investigating couple and associates for profiting 27 million.

A money laundering and fraud case involving up to 27 million New Taiwan Dollars in Taiwan has sparked widespread attention. The main suspects are a couple and their partner, who are alleged to have engaged in illegal money laundering through cryptocurrency transactions. This incident also involves the elder aunt of Kuomintang legislator Hsu Chiao-hsin, attracting significant scrutiny.

Xu Qiaoxin's Relatives Involved in Virtual Currency Money Laundering Scam

The Criminal Investigation Bureau and the Taipei City Criminal Division conducted a thorough investigation into a fraud case in late last year, confirming that Du Bingcheng and his wife Liu Xiangjie were suspected of directing subordinates to conduct money laundering activities through the Donglin Public Relations Consulting Company. The company's owner, Lin Yulun, was found to be a key intermediary in this money laundering chain, assisting in transferring illegal proceeds to conceal their true source.

To combat virtual currency money laundering, Taiwan's Criminal Investigation Bureau: Establishes the "Digital Technology Investigation Research Center"

Claiming to be Only "Currency Merchants"

On March 25, 2023, the police and prosecutors jointly conducted a raid on the suspects' residence and office, arresting Du Bingcheng, Liu Xiangjie, and Lin Yulun on the spot. Although the three claimed to be only virtual currency traders and denied all money laundering charges, the authorities have charged them under aggravated fraud and anti-money laundering laws.

Lin Yulun, not only a central figure in this money laundering operation, has also been involved in destructive behavior in public in the past. In 2014, he vandalized a statue of Chiang Kai-shek in Keelung City, then surrendered to the Taipei City Police Station, with his actions and subsequent social reactions having significant societal impact.

Tangled Relationships with Legislators and Handling

Legislator Xu Qiaoxin expressed shock but not surprise at this case. She believes that as adults, everyone should take responsibility for their actions. Xu Qiaoxin also revealed that she and her friends had been troubled by the fraudulent behavior of the Du couple and advised all victims to report to the police.

Currently, this case is still under further investigation. The court has remanded the three suspects in custody and prohibited visits to thoroughly investigate all relevant facts and the detailed paths of illegal money flows. The development of this case may have further implications on Taiwan's financial regulations and political environment.

Taiwanese legislators propose a national-level AI alert system to strengthen virtual asset supervision, and the Executive Yuan will propose an anti-fraud law in April